Varun Dua is an entrepreneur who helped found India's very first online insurance company, Acko General Insurance. At the time his efforts didn't have any troubles finding investors. Now he wants to change how consumers buy cars.
Narayana Murthy and Kris Gopalakrishnan (Co-Founders of Infosys), Hemendra Kothari (DSP Blackrock) and VC firms Accel and SAIF gave seed money to Dua. Recently, Acko had brought a couple of high profile investors – Binny Bansal (Flipkart Co-Founder) and Kabir Mishra (ex SoftBank Managing Partner). They along with others invested $65 million in the Bengaluru-based firm in March 2019.
With this capital infusion, Dua wants to disrupt the car buying experience. He and his team have been working for the past several months on a new product called AckoDrive (holding company of Acko Insurance). Currently, it lets users buy new cars online across Delhi (NCR), Mumbai, and Bengaluru.
AckoDrive has already sold out 500 cars during the four months long pilot that had started in January this year. While Sagar Das who is heading AckoDrive didn’t confirm the number, he said that the company has executed car sales worth Rs 50 crore (approximately $7 million) in the past three months.
The firm has a strong team of about 40 people that is looking after the new product. It looks like Acko has identified this opportunity when it was selling insurance for cars. So far, no one has focused on hand-holding consumers during the entire car purchase process – discovery, test drive, bookings, delivery, and of course insurance.
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